OpenSea has grown to become one of the leading markets for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like the written word, go through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? How To Control Water Level In Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
If the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even old technology.
In the case of NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or taken home. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT became a reality. As of today it is possible to create digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses, or other items like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller is the one to pay the price that is the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, and debit card to make payments for or deposit. How To Control Water Level In Nft
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. How To Control Water Level In Nft
They also offer a range of digital currency, which makes it one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it is decentralized and offers one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ How To Control Water Level In Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via the contact page. Visit their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, which means they fluctuate from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they constantly change at regular intervals.